Out of control

j19842

Please find below, my full SOA

I can not handle money - just get in more and more debt. Where am I going wrong? :mad:




Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Monthly income after tax................ 1572
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1572
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 20
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 150
Clothing................................ 50
Petrol/diesel........................... 200
Road tax................................ 12
Car Insurance........................... 65
Car maintenance (including MOT)......... 50
Car parking............................. 0
Other travel............................ 300
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 35
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 40
Haircuts................................ 8
Entertainment........................... 100
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1040

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 800
Other assets............................ 0
Total Assets............................ 800

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
AA Loan........................3996......334.......12
Barclaycard....................1600......35........14
Virgin Card....................2100......35........0
Nationwide Card................1000......20........14
Overdraft......................1200......20........14
Total unsecured debts..........9896......444.......-

Monthly Budget Summary
Total monthly income.................... 1,572
Expenses (including HP & secured debts). 1,040
Available for debt repayments........... 532
Monthly UNsecured debt repayments....... 444
Amount left after debt repayments....... 88
Personal Balance Sheet Summary
Total assets (things you own)........... 800
Total HP & Secured debt................. -0
Total Unsecured debt.................... -9,896
Net Assets.............................. -9,096

RAS

A little bit of background would help?

Are you living at home with parents?

What is the massive other travel cost if you have a car?

j19842

RAS wrote: »

A little bit of background would help?

Are you living at home with parents?

What is the massive other travel cost if you have a car?

Apologies....

I am 26, and I live at home. Work full time, job is as secure as any other in these times.

The travel is my season ticket to work. It IS the cheapest way, much moreso than driving.

My problem is, I just lose track, money is like water through my hands... and I need to sort it out now, before I get into really bad trouble

Tixy

j19842 wrote: »

Please find below, my full SOA

I can not handle money - just get in more and more debt. Where am I going wrong? :mad:




Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Monthly income after tax................ 1572
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1572
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 0 no living costs? do you live with your parents?
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 20
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 150 can you reduce this?
Clothing................................ 50 reduce this for now, where what you have.
Petrol/diesel........................... 200 how many miles? is this commuting? are all journeys essential?
Road tax................................ 12
Car Insurance........................... 65 is this the cheapest available?
Car maintenance (including MOT)......... 50
Car parking............................. 0
Other travel............................ 300 what is this? is it the cheapest option (eg season ticket)
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 35 what pets? is this the cheapest?
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 40 can you reduce this?
Haircuts................................ 8
Entertainment........................... 100
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1040

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 800
Other assets............................ 0
Total Assets............................ 800

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
AA Loan........................3996......334.......12
Barclaycard....................1600......35........14 have you stopped spending on all the cars? cut them up?
Virgin Card....................2100......35........0
Nationwide Card................1000......20........14
Overdraft......................1200......20........14
Total unsecured debts..........9896......444.......-

Monthly Budget Summary
Total monthly income.................... 1,572
Expenses (including HP & secured debts). 1,040
Available for debt repayments........... 532
Monthly UNsecured debt repayments....... 444
Amount left after debt repayments....... 88
Personal Balance Sheet Summary
Total assets (things you own)........... 800
Total HP & Secured debt................. -0
Total Unsecured debt.................... -9,896
Net Assets.............................. -9,096

You have almost no living costs and yet are still struggling, your main expenditure seems to be travel costs and car costs - are both essential?
What was the money spent on? do you have anything you can sell to raise some cash?
Could you get a second job to supplement your income?

j19842

Tixy wrote: »

You have almost no living costs and yet are still struggling, your main expenditure seems to be travel costs and car costs - are both essential?
What was the money spent on? do you have anything you can sell to raise some cash?
Could you get a second job to supplement your income?

Thanks a lot for your input.

The season ticket is the cheapest way - I really have investigated at length.

Car insurance is also competitive for my age. This includes my breakdown cover.

Yes I probably could reduce my petrol costs - though probably not by a huge amount.

Admittedly my car is a touch thirsty, BUT it is very up-together AND runs on LPG. It would be a false economy to buy something more economical, given the maintenance I've spent on this one and how reliable it is.

I have nothing really to show for any of my debts. It is just a result of awful money management.

My pets are 2 x Dogs, and there is no question of either going anywhere, debts or otherwise. Their food and insurance works out at around £35/month, which in the scheme of things, isn't a great deal - I'd rather go hungry myself before letting them go.

In terms of reducing £50/month clothes bill - I've not spent anything on clothes for months if not years - and I need to get a few things, hence including this.

Hope this sheds some light.

Thanks again.

RAS

How hard do you want to hit the debts? if is is a priority, you could really go for it.

j19842 wrote: »

Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Monthly income after tax................ 1572
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1572
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 20
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 150 - is this in addition to food at home, or your contribution to housekeeping
Clothing................................ 50 - you have enough clothes already, so stop for a few months
Petrol/diesel........................... 200 - if you do not need a car to commute, get rid of it
Road tax................................ 12
Car Insurance........................... 65
Car maintenance (including MOT)......... 50
Car parking............................. 0
Other travel............................ 300 - OK
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 35
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 40 - halve this
Haircuts................................ 8
Entertainment........................... 100 - halve this at least, maybe back to £20
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1040

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 800
Other assets............................ 0
Total Assets............................ 800

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
AA Loan........................3996......334.......12
Barclaycard....................1600......35........14
Virgin Card....................2100......35........0
Nationwide Card................1000......20........14
Overdraft......................1200......20........14
Total unsecured debts..........9896......444.......-

Monthly Budget Summary
Total monthly income.................... 1,572
Expenses (including HP & secured debts). 1,040
Available for debt repayments........... 532
Monthly UNsecured debt repayments....... 444
Amount left after debt repayments....... 88
Personal Balance Sheet Summary
Total assets (things you own)........... 800
Total HP & Secured debt................. -0
Total Unsecured debt.................... -9,896
Net Assets.............................. -9,096

Your Aprs are half decent so try to clear the cards and OD ASAP.

Have a look at the snowball and see how much difference another £100, £200 makes

j19842

RAS wrote: »

How hard do you want to hit the debts? if is is a priority, you could really go for it.




Your Aprs are half decent so try to clear the cards and OD ASAP.

Have a look at the snowball and see how much difference another £100, £200 makes

Guys thanks, I am overwhelmed by the speed of your replies!

I get paid this Friday. This will clear the OD.

I then really do want to go guns blazing, and be WELL on top of this.

I recognise that, actually, I am in a position to sort this out, if I act now

Hopefully joining here will give me somewhere to track progress and get encouragement/tips

To the person who mentioned a second job - I DO do some occasional mechanical work, which brings a little in, maybe varying from £50 to as much as £200 some months, but I didn't include this, as it's not a reliable source.

Cheers
James